The United States government is likely to back the dollar with Bitcoin in order to protect its status as issuer of the global reserve currency, according to crypto analyst Luke Mikic.

"I outlined why I believe the volatility of Bitcoin will continue to increase from here as it travels through $500,000, $1 million and even $5 million per coin. I think BTC will still be too volatile to use as a true unit of account until it breaches eight figures in today’s dollars — or once it absorbs 30% of the world’s wealth."

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